The first top-to-bottom audit of the Federal Reserve uncovered
eye-popping new details about how the U.S. provided a whopping $16
trillion in secret loans to bail out American and foreign banks and
businesses during the worst economic crisis since the Great Depression.
An
amendment by Sen. Bernie Sanders to the Wall Street reform law passed
one year ago this week directed the Government Accountability Office to
conduct the study. "As a result of this audit, we now know that the
Federal Reserve provided more than $16 trillion in total financial
assistance to some of the largest financial institutions and
corporations in the United States and throughout the world," said
Sanders. "This is a clear case of socialism for the rich and rugged,
you're-on-your-own individualism for everyone else."
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